A flagship named after the late Prince Philip,  the Duke of Edinburgh, will promote post-Brexit Britain on global trade missions, Express reported.

The ship, a successor to the Royal Yacht Britannia, will be used by the Royal Family, the Prime Minister of the day, diplomats and trade delegations to showcase British exports and make the most of trading opportunities. The announcement by Boris Johnson is a victory for campaigners who mourned the loss of the Royal Yacht in 1997. Its successor is intended to drive a "renaissance" in home shipbuilding. The Prime Minister said: "This new national flagship will be the first vessel of its kind in the world, reflecting the UK's burgeoning status as a great, independent maritime trading nation."

Johnson added: "Every aspect of the ship, from its build to the businesses it showcases on board, will represent and promote the best of British - a clear and powerful symbol of our commitment to be an active player on the world stage."

A Whitehall source told the Sunday Express the vessel is likely to be called HMS Duke of Edinburgh, since it will not be referred to as a yacht as Britannia was.

"The source said the name "needs to be confirmed by the Queen but the intention is to name it after the late Duke."

Prince Philip was involved in the design of Britannia, having served as a Navy officer in the Second World War and until the Queen acceded to the throne.

The new ship will also be available for royal duties.

Construction might start as soon as next year, with a launch within four years.

The ship will be crewed by the Navy and is expected to last three decades.

HMY Britannia, launched in April 1953, sailed more than one million miles during 44 years of service, calling at more than 600 ports in 135 countries.

The new flagship will also be a major platform to celebrate British design, engineering and green technology.

It is expected that when the Prime Minister makes an overseas trip on the ship it would host talks between UK and local businesses. It is also likely to be used for trade fairs, summits and negotiations.

SNP MP Pete Wishart claimed the project could cost £200million.

Costs for its build and operation will be confirmed when a competitive tendering process is completed.